In the new Consensus Forecasts of NZIER, growth projections for the forecast horizon were revised down while inflation projections were revised up. NZIER noted “increasing headwinds” for the New Zealand economy, including “continued global supply chain disruptions as countries continue to grapple with COVID-19, the war in Ukraine and rising interest rates.” The highest inflation outlook reflects “expectations that high inflation will remain persistent”.
In June survey (comparing to March survey):
- 2022/23 GDP growth at 2.9% (revised down from 3.6%).
- 2023/24 GDP growth at 1.9% (down from 2.7%).
- 2024/25 GDP growth at 2.1% (down from 2.5%).
- 2022/23 CPI at 4.1% (up from 3.5%).
- 2023/24 CPI at 2.6% (up from 2.5%).
- 2024/25 CPI at 2.4% (up from 2.3%).
